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At the opening of the Wall Street market, the Dow Jones Industrial Average, #INDU, was up 0.36%, consolidating above the +1/8 murray reversal level in the 34,750 zone. Yesterday in our analysis, we indicate the upward continuation of the Dow Jones, we invite you to review and take into account some data.
The markets were closed on Monday for the celebration of Memorial Day in the US. So, we saw a low volume of trading and only the Dow Jones futures were moving. Now the index is showing no signs of exhaustion. The bullish force is likely to continue to the psychological level of 35,000.
Markets will be watching the NFP data for May. Investors expect it to show that the unexpectedly weak employment in April was an exception, when only 266,000 jobs were created, well below the expected million. The US economy is expected to have added 650,000 new jobs in May.
In a 4-hour chart, we can see the Dow Jones, #INDU, is breaking the +1/8 line of murray. This level acts as an extremely overbought level. It is likely that there will be a downward correction below this level.
The technical reading of the eagle indicator shows that the SMA of 21 acts as an immediate support. Therefore, a bounce around 34,500 there will be a good opportunity to continue buying with targets at 34,750 and 35,000.
Our recommendation is to sell below 34,750, given that it is an extremely overbought area. The eagle indicator is showing a downward correction signal. Hence, we can take this data into account to sell or wait for a rebound in the SMA of 21 to buy.
Support and Resistance Levels for June 01 - 02, 2021
Resistance (3) 35,271
Resistance (2) 34,970
Resistance (1) 34,764
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Support (1) 34,557
Support (2) 34,495
Support (3) 34,396
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